中国电力：拟派息60%股息率具吸引力-20250325

Investment Rating - The investment rating for the company is "Buy" (maintained) with an attractive dividend yield of 60% [5] Core Views - The company reported a revenue of 54.213 billion RMB for 2024, a year-on-year increase of 22.48%, but the profit attributable to equity holders was 3.862 billion RMB, a growth of 25.2%, which was below market expectations due to higher-than-expected depreciation in renewable energy and an impairment loss of approximately 500 million RMB [7] - The company aims to become a leading global clean energy supplier and is currently valued at a historically low level, with a price-to-book ratio of 0.63 [7] - The forecasted net profit for 2025-2027 is approximately 3.87 billion, 4.20 billion, and 4.57 billion RMB respectively, with corresponding price-to-earnings ratios of 9, 8, and 7 [7] Summary by Sections Market Performance - Closing price as of March 24, 2025, was 3.00 HKD with a market capitalization of 37,110.45 million HKD [3] Financial Data - Revenue projections for 2023 to 2027 are as follows: 44.262 billion, 54.213 billion, 57.498 billion, 61.614 billion, and 68.380 billion RMB, with respective growth rates of 1.3%, 22.5%, 6.1%, 7.2%, and 11.0% [6][8] - The company’s return on equity (ROE) is projected to increase from 5.7% in 2023 to 8.1% in 2027 [6] Operational Highlights - The company’s installed capacity reached 49.39 million kilowatts by the end of 2024, with a clean energy share of 80% [7] - The total electricity sold in 2024 was 1280 billion kilowatt-hours, with significant year-on-year increases in hydropower and coal power sales [7]